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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 32 Introduced in Senate (IS)]

109th CONGRESS
  2d Session
S. J. RES. 32

 Disapproving the results of the review conducted by the Committee on 
 Foreign Investment in the United States (CFIUS) into the purchase of 
Peninsular and Oriental Steam Navigation (P&O) by Dubai Ports World (DP 
                                World).

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2006

 Ms. Collins introduced the following joint resolution; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                            JOINT RESOLUTION

 
 Disapproving the results of the review conducted by the Committee on 
 Foreign Investment in the United States (CFIUS) into the purchase of 
Peninsular and Oriental Steam Navigation (P&O) by Dubai Ports World (DP 
                                World).

Whereas on February 13, 2006, the shareholders of the London-based Peninsular 
        and Oriental Steam Navigation (referred to in this resolution as 
        ``P&O'') approved the acquisition of P&O by Dubai Ports World (referred 
        to in this resolution as ``DP World'') for $6,800,000,000;
Whereas the transaction transfers P&O North America operations at 21 United 
        States ports, including leasing agreements for terminal operations in 
        New York, Newark, Baltimore, New Orleans, Miami, and Philadelphia;
Whereas ensuring the security of United States port operations is critical to 
        our Nation's economic vitality and to national security;
Whereas DP World is owned by the Government of Dubai, part of the United Arab 
        Emirates;
Whereas the United Arab Emirates, while our ally in the war on terrorism, has 
        been used as a base for terrorist operations and financing, including in 
        the planning of the attacks of September 11, 2001;
Whereas the 12 member Committee on Foreign Investment in the United States 
        (referred to in this resolution as ``CFIUS'') conducted a review of the 
        transaction within 30 days of formal notification and declined to open 
        an investigation, issuing a statement of no objection to the sale on 
        January 17, 2006; and
Whereas Congress was not informed of or consulted with regarding this 
        transaction and any potential national security implications: Now, 
        therefore, be it
    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled, That Congress--
            (1) disapproves the CFIUS review of the transaction 
        referred to in this resolution;
            (2) directs CFIUS to withdraw its statement of no objection 
        related to the transaction referred to in this resolution and 
        to conduct a 45-day investigation, pursuant to section 721 of 
        the Defense Production Act of 1950 (50 U.S.C. App. 2170) in 
        order to ensure that the sale described in this resolution will 
        not have an adverse effect on national security; and
            (3) directs CFIUS to brief Members of Congress on the 
        findings of its investigation before the transaction is allowed 
        to proceed.
                                 <all>
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